麦格理发布研报称,维持新秀丽(01910)“中性”评级,目标价下调1%至19.2港元,将新秀丽2025及2026财年经调整纯利预测,分别下调6.2%及11.7%。该行对新秀丽的毛利持保守态度,谨慎估计其2025财年毛利率为59.2%,相对于2024财年为60%,主要考虑到关税影响。
麦格理指出,新秀丽2024财年第四季收入同比下降0.7%,按季增长7%,符合该行及市场预测和公司指引。经调整EBITDA同比增长7.7%,因毛利率提高及杠杆改善,意味EBITDA利润率为20.7%,略高于该行预测的19.6%。
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